The bill amends the "Tax Preparers Act" by updating its title and introducing new definitions and responsibilities for tax return preparers. Key insertions include the definition of a "ghost preparer," who is a tax return preparer that does not self-identify on returns or comply with IRS requirements, and the requirement for tax preparers to include their Preparer Tax Identification Number (PTIN) on all returns. Additionally, the bill specifies that tax return preparers must not engage in activities that facilitate ghost preparation.

The bill establishes civil penalties for tax preparers who willfully mislead clients, commit fraud against taxpayers, circumvent tax laws, or violate any provisions related to their duties and responsibilities. The penalties include a fine of up to $1,000 for each return filed in violation of these provisions. Furthermore, if a tax preparer commits a violation after having their privileges suspended or revoked, they may face a penalty of up to $5,000 if suspended or $10,000 if revoked, per violation. The tax administrator is also required to periodically publish a list of tax preparers whose privileges have been suspended or revoked. The act will take effect upon passage.